Definition
microfinance
noun
- Financial services and small loans provided to individuals and small businesses in developing countries who lack access to traditional banking.
Usage: Uncountable noun; Often used in development and economics contexts
Examples
- Microfinance programs help entrepreneurs in rural areas start small businesses without collateral.
- The organization provides microfinance services to women in low-income communities.
- Microfinance institutions offer savings accounts and insurance products alongside loans.
- Many developing nations have expanded microfinance to reduce poverty and promote economic growth.
- She received a microfinance loan to purchase equipment for her tailoring business.
- Microfinance has become an important tool for financial inclusion in emerging markets.